{"id":72539,"date":"2020-11-14T03:54:47","date_gmt":"2020-11-14T03:54:47","guid":{"rendered":"https:\/\/www.zfx.com\/?post_type=academy&p=72539"},"modified":"2021-01-19T05:35:54","modified_gmt":"2021-01-19T05:35:54","slug":"%e4%bb%80%e4%b9%88%e6%98%afndd-dd-mm-stp-ecn","status":"publish","type":"academy","link":"https:\/\/www.zfx.com\/zh-hans\/academy\/%e4%bb%80%e4%b9%88%e6%98%afndd-dd-mm-stp-ecn\/","title":{"rendered":"6. \u4ec0\u4e48\u662fNDD \/ DD \/ MM \/ STP \/ ECN ?"},"content":{"rendered":"

\u96f6\u552e\u7f51\u4e0a\u5916\u6c47\u4ea4\u6613\u4e1a\u52a1\u75312000\u5e74\u5f00\u59cb\u5174\u8d77\u6d41\u884c\uff0c\u4e3b\u8981\u7531\u5168\u7403\u591a\u5bb6\u5916\u6c47\u7ecf\u7eaa\u5546\u6240\u7ec4\u6210\uff0c\u800c\u5728\u8fd9\u4e00\u884c\u4e1a\u7684\u751f\u6001\u5708\u91cc\uff0c\u6709\u7740\u4e0d\u540c\u7684\u4ea4\u6613\u6a21\u5f0f\uff0c\u800c\u8fd9\u4e9b\u6a21\u5f0f\u53c8\u6709\u7740\u72ec\u7279\u7684\u540d\u8bcd\uff0c\u5e38\u89c1\u7684\u5206\u522b\u6709DD\u3001NDD\u3001MM\u3001STP\u53caECN\u3002<\/p>\n

\u5916\u6c47\u7ecf\u7eaa\u5546\u4e3b\u529b\u7ecf\u8425\u7f51\u4e0a\u4ea4\u6613\u5e73\u53f0\uff0c\u800c\u5e73\u53f0\u7684\u4ea4\u6613\u6a21\u5f0f\u53ef\u5206\u6210\u4e24\u7c7b\uff1a<\/p>\n

\u6709\u4ea4\u6613\u5458\u5e73\u53f0<\/strong>(Dealing Desk\uff0c\u7b80\u79f0DD)\u548c\u65e0\u4ea4\u6613\u5458\u5e73\u53f0<\/strong>(No Dealing Desk\uff0c\u7b80\u79f0NDD)\uff1b<\/p>\n

\u53e6\u5916Dealing Desk\u53c8\u79f0\u4f5c\u505a\u5e02\u5546(Market Maker\uff0c\u7b80\u79f0MM)\uff0cNo Dealing Desk\u7684\u6a21\u5f0f\u53c8\u4f1a\u7ec6\u5206\u4e3a\u76f4\u901a\u5f0f\u5904\u7406(Straight Through Processing\uff0c\u7b80\u79f0STP)\u6216\u7535\u5b50\u901a\u8baf\u7f51\u7edc(Electronic Communications Network\uff0c\u7b80\u79f0ECN)\u3002<\/p>\n

<\/h3>\n

\u5916\u6c47\u5e73\u53f0\u5e38\u89c1\u7684\u4ea4\u6613\u6a21\u5f0f<\/span><\/strong><\/h3>\n

DD\uff08\u6709\u4ea4\u6613\u5458\u5e73\u53f0\uff09\uff0fMM (\u505a\u5e02\u5546\uff09<\/strong><\/h4>\n

\u6709\u4ea4\u6613\u5458\u5e73\u53f0\u53ca\u505a\u5e02\u5546\u6a21\u5f0f\uff0c\u4e3b\u8981\u63d0\u4f9b\u5916\u6c47\u5e02\u573a\u6d41\u52a8\u6027\uff0c\u5373\u4f7f\u4ea4\u6295\u4e0d\u6d3b\u8dc3\u65f6\uff0c\u7ecf\u7eaa\u5546\u4ecd\u53ef\u5728\u4fdd\u7559\u5229\u6da6\u7684\u60c5\u51b5\u4e0b\uff0c\u521b\u9020\u4ef7\u683c\u8ba9\u5e02\u573a\u4e0a\u7684\u53c2\u4e0e\u8005\u8fdb\u884c\u4e70\u5356\uff0c\u6210\u4e3a\u4ea4\u6613\u8005\u7684\u4ea4\u6613\u5bf9\u624b\u3002\u4ea4\u6613\u8005\u770b\u5230\u53ca\u6210\u4ea4\u7684\u4ef7\u683c\u5e76\u4e0d\u4e00\u5b9a\u662f\u771f\u5b9e\u5e02\u4ef7\uff0c\u4e0d\u8fc7\u7531\u4e8e\u5916\u6c47\u5e02\u573a\u7684\u573a\u5916\u4ea4\u6613\u7ade\u4e89\u5341\u5206\u5927\uff0c\u8fd9\u79cd\u4ea4\u6613\u7684\u6210\u4ea4\u4ef7\u4e00\u822c\u90fd\u6781\u8d34\u8fd1\u5e02\u4ef7\u3002<\/p>\n

NDD \uff08\u65e0\u4ea4\u6613\u5458\u5e73\u53f0\uff09<\/strong><\/h4>\n

\u65e0\u4ea4\u6613\u5458\u5e73\u53f0\u6a21\u5f0f\uff0c\u4e3b\u8981\u8fde\u63a5\u5e02\u573a\u6d41\u52a8\u6027\uff0c\u8ba9\u4ea4\u6613\u8005\u7684\u8ba2\u5355\u80fd\u4e0e\u94f6\u884c\u3001\u5176\u4ed6\u7ecf\u7eaa\u5546\u3001\u6d41\u52a8\u6027\u63d0\u4f9b\u5546\u914d\u5bf9\u8d77\u6765\uff0c\u6240\u4ee5\u8fd9\u7c7b\u5916\u6c47\u7ecf\u7eaa\u5546\u4e0d\u4f1a\u505a\u4ea4\u6613\u8005\u7684\u5bf9\u5bb6\u3002\u7531\u4e8e\u4e00\u822c\u96f6\u552e\u4e2a\u4eba\u4ea4\u6613\u8005\u7684\u4e70\u5356\u89c4\u6a21\u4e0d\u5927\uff0c\u6240\u4ee5\u9700\u8981\u900f\u8fc7\u7ecf\u7eaa\u5546\u5e73\u53f0\u4f5c\u6865\u6881\uff0c\u5426\u5219\u662f\u65e0\u6cd5\u76f4\u63a5\u5728\u94f6\u884c\u95f4\u7684\u5916\u6c47\u5e02\u573a\u91cc\u8fdb\u884c\u4ea4\u6613\u3002\u4ee5NDD\u6a21\u5f0f\u5904\u7406\u7684\uff0c\u5f53\u4e2d\u53c8\u5206\u4e3aSTP\u548cECN\u4e24\u79cd\u3002<\/p>\n

STP\u00a0 \uff08\u76f4\u901a\u5f0f\u5904\u7406\uff09<\/strong><\/h4>\n

\u76f4\u901a\u5f0f\u5904\u7406\u6a21\u5f0f\u662f\u6307\u4ea4\u6613\u8005\u7684\u8ba2\u5355\u5c06\u76f4\u63a5\u4f20\u9001\u5230\u5e02\u573a\u4e0a\u7684\u94f6\u884c\u3001\u5176\u4ed6\u7ecf\u7eaa\u5546\u6216\u5176\u4ed6\u62a5\u4ef7\u8005\uff0c\u5f53\u4e2d\u7ecf\u7eaa\u5546\u5e76\u6ca1\u6709\u5e72\u9884\uff0c\u8fd9\u5c31\u662f\u76f4\u901a\u5f0f\u5904\u7406\u7684\u610f\u601d\u3002STP\u7c7b\u7684\u7ecf\u7eaa\u5546\u53ef\u5728\u80cc\u540e\u8fde\u63a5\u6570\u4e2a\u6d41\u52a8\u6027\u63d0\u4f9b\u5546\uff0c\u4ea4\u6613\u8005\u53ef\u770b\u5230\u5b9e\u65f6\u7684\u5e02\u4ef7\uff0c\u5e76\u7acb\u5373\u5c06\u8ba2\u5355\u6267\u884c\u3002<\/p>\n

ECN\u00a0 \uff08\u7535\u5b50\u901a\u8baf\u7f51\u7edc\uff09<\/strong><\/h4>\n

\u7535\u5b50\u901a\u8baf\u7f51\u7edc\u662f\u6307\u4e00\u4e2a\u7cfb\u7edf\uff0c\u53ef\u64ae\u5408\u6210\u4ea4\u7684\u7535\u5b50\u4ea4\u6613\u7f51\u7edc\uff0c\u7531\u96f6\u552e\u5916\u6c47\u4ea4\u6613\u8005\u3001\u673a\u6784\u6295\u8d44\u8005\u3001\u94f6\u884c\u3001\u5bf9\u51b2\u57fa\u91d1\u53ca\u7ecf\u7eaa\u5546\u7b49\u6240\u7ec4\u6210\uff0c\u5bb9\u8ba1\u5404\u53c2\u4e0e\u8005\u4e92\u76f8\u4ea4\u6613\uff0c\u8fdb\u884c\u8ba2\u5355\u914d\u5bf9\u3002\u4ea4\u6613\u8005\u900f\u8fc7\u7ecf\u7eaa\u5546\u63d0\u4f9b\u7684ECN\u7cfb\u7edf\u53d1\u51fa\u8ba2\u5355\uff0c\u5c06\u76f4\u63a5\u4e14\u533f\u540d\u53d1\u9001\u5230\u5e02\u573a\uff0c\u5e76\u4f1a\u6309\u5f53\u65f6\u6781\u5177\u7ade\u4e89\u529b\u7684\u771f\u5b9e\u5e02\u4ef7\uff0c\u6700\u4f18\u5316\u5730\u516c\u5e73\u64ae\u5408\u6210\u4ea4\u3002<\/p>\n

\u7531\u4e8eDD\u6216MM\u6a21\u5f0f\u4e0e\u4ea4\u6613\u8005\u5b58\u5728\u4e00\u5b9a\u7a0b\u5ea6\u7684\u5229\u76ca\u51b2\u7a81\uff0c\u5f88\u591a\u4ea4\u6613\u8005\u66f4\u503e\u5411\u9009\u62e9NDD\uff0c\u5373STP\u6216ECN\u6a21\u5f0f\u7684\u5916\u6c47\u4ea4\u6613\u5e73\u53f0\u3002\u8981\u7559\u610f\uff0c\u4e0d\u8bba\u662f\u54ea\u4e00\u79cd\u4ea4\u6613\u6a21\u5f0f\uff0c\u4e5f\u4e0d\u4e00\u5b9a\u610f\u5473\u8be5\u5916\u6c47\u4ea4\u6613\u5e73\u53f0\u662f\u5426\u6b63\u89c4\uff0c\u5373\u4f7f\u662f\u4ee5DD\u6216MM\u6a21\u5f0f\u8fd0\u4f5c\u7684\u7ecf\u7eaa\u5546\uff0c\u4e5f\u53ef\u5408\u6cd5\u5408\u89c4\u7ecf\u8425\u5176\u96f6\u552e\u4e1a\u52a1\u3002<\/p>\n

\u5ef6\u4f38\u9605\u8bfb\uff1a<\/strong><\/p>\n

\u8be6\u89e3DD\u4e0eNDD\u4ea4\u6613\u6a21\u5f0f\u7684\u533a\u522b<\/a><\/strong><\/span><\/p>\n

\u8be6\u89e3STP\u4e0eECN\u8d26\u6237\u7684\u533a\u522b<\/a><\/strong><\/span><\/p>\n

\u4e0b\u4e00\u7bc7\uff1a<\/strong>7. \u4ec0\u4e48\u7ecf\u6d4e\u6570\u636e\u6700\u91cd\u8981\uff1f<\/a><\/strong><\/span><\/p>\n

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\u98ce\u9669\u63d0\u793a:\u4ee5\u4e0a\u5185\u5bb9\u4ec5\u4f9b\u53c2\u8003\uff0c\u4e0d\u4ee3\u8868ZFX\u7acb\u573a\uff0cZFX\u4e0d\u627f\u62c5\u6839\u636e\u672c\u6587\u6240\u8fdb\u884c\u4efb\u4f55\u4e70\u5356\u64cd\u4f5c\u800c\u5bfc\u81f4\u7684\u4efb\u4f55\u5f62\u5f0f\u635f\u5931\u3002\u8bf7\u575a\u5b9a\u81ea\u5df1\u7684\u601d\u8def\uff0c\u505a\u597d\u76f8\u5e94\u98ce\u9669\u63a7\u5236\u3002<\/strong><\/p>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

\u96f6\u552e\u7f51\u4e0a\u5916\u6c47\u4ea4\u6613\u4e1a\u52a1\u75312000\u5e74\u5f00\u59cb\u5174\u8d77\u6d41\u884c\uff0c\u4e3b\u8981\u7531\u5168\u7403\u591a\u5bb6\u5916\u6c47\u7ecf\u7eaa\u5546\u6240\u7ec4\u6210\uff0c\u800c\u5728\u8fd9\u4e00\u884c\u4e1a\u7684\u751f\u6001\u5708\u91cc\uff0c\u6709\u7740\u4e0d\u540c\u7684\u4ea4\u6613\u6a21\u5f0f\uff0c\u800c\u8fd9\u4e9b\u6a21\u5f0f\u53c8\u6709\u7740\u72ec\u7279\u7684\u540d\u8bcd\uff0c\u5e38\u89c1\u7684\u5206\u522b\u6709DD\u3001NDD\u3001MM\u3001STP\u53caECN\u3002\u00a0<\/p>\n","protected":false},"author":87,"featured_media":72544,"template":"","academy_categories":[13031],"academy_tags":[],"class_list":["post-72539","academy","type-academy","status-publish","has-post-thumbnail","hentry","academy_categories-financial-market-series-zh-hans-2"],"acf":[],"current_lang":"zh-hans","_links":{"self":[{"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/academy\/72539","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/academy"}],"about":[{"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/types\/academy"}],"author":[{"embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/users\/87"}],"version-history":[{"count":0,"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/academy\/72539\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/media\/72544"}],"wp:attachment":[{"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/media?parent=72539"}],"wp:term":[{"taxonomy":"academy_categories","embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/academy_categories?post=72539"},{"taxonomy":"academy_tags","embeddable":true,"href":"https:\/\/www.zfx.com\/zh-hans\/wp-json\/wp\/v2\/academy_tags?post=72539"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}